What changed in this filing

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Item 1. Financial Statements

2026-07-31 compared with 2026-04-30 · 138 added, 100 removed, 664 unchanged (26% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

Three Months Ended Six Months Ended

(in millions, except per share data) 2026 2025 2026 2025

7 unchanged sentences

Interest expense ( 16.6 ) ( 4.3 ) ( 33.4 ) ( 8.8 )

Miscellaneous income (expense), net 0.2 ( 1.0 )

Total other expense, net ( 15.0 ) ( 2.3 )

Miscellaneous (expense) income, net ( 1.8 ) 3.1 ( 1.6 ) 2.1

Total other (expense) income, net ( 16.3 ) 1.7 ( 31.3 ) ( 0.6 )

Income from continuing operations before income taxes 128.0 104.6 213.1 203.4

18 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2026 2025 2026 2025

10 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Restricted Cash — 1,223.3

Accounts receivable, net of allowance for doubtful accounts of $ 13.0 as of March 31, 2026 and $ 8.4 as of December 31, 2025

Accounts receivable, net of allowance for doubtful accounts of $ 16.3 as of June 30, 2026 and $ 8.4 as of December 31, 2025

Inventories, net:

17 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share and share data) March 31,

(in millions, except per share and share data) June 30,

2026 December 31,

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Retained earnings 1,665.1 1,531.5

Accumulated other comprehensive loss 3.8 20.0

Accumulated other comprehensive (loss) income ( 3.3 ) 20.0

Total shareholders’ equity 2,177.6 2,061.1

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(in millions) 2026 2025

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Other 4.4 ( 0.6 )

Total used for operating activities from continuing operations ( 29.5 ) ( 46.2 )

Total provided by operating activities from continuing operations 92.8 58.8

Investing activities:

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Proceeds from debt 50.0 —

Total provided by (used for) financing activities from continuing and discontinued operations 24.4 ( 23.6 )

Repayments of debt ( 100.0 ) ( 200.0 )

Total used for financing activities from continuing and discontinued operations ( 87.7 ) ( 235.3 )

Discontinued Operations:

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Cash and cash equivalent at end of period $ 350.4 $ 332.2

(a) For the three months ended March 31, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.

(a) For the six months ended June 30, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.

See Note 3, “Discontinued Operations” for additional information.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(in millions) 2026 2025

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BALANCE MARCH 31, 2026 57.7 $ 451.5 $ 1,583.9 $ 3.8 $ 2,096.9 $ 2.3 $ 2,099.2

Net income — — 95.9 — 95.9 — 95.9

Cash dividends ($ 0.255 per share)

— — ( 14.7 ) — ( 14.7 ) — ( 14.7 )

Exercise of stock options 0.1 2.6 — — 2.7 — 2.7

Impact from settlement of share-based awards, net of shares acquired — ( 0.1 ) — — ( 0.1 ) — ( 0.1 )

Stock-based compensation expense — 4.0 — — 4.0 — 4.0

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.4 2.4 — 2.4

Currency translation adjustment — — — ( 9.5 ) ( 9.5 ) — ( 9.5 )

BALANCE JUNE 30, 2026 57.8 $ 458.0 $ 1,665.1 $ ( 3.3 ) $ 2,177.6 $ 2.3 $ 2,179.9

(in millions, except share data) Common

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BALANCE MARCH 31, 2025 57.5 $ 428.6 $ 1,311.7 $ ( 40.9 ) $ 1,756.9 $ 2.3 $ 1,759.2

Net income — — 86.4 — 86.4 — 86.4

Cash dividends ($ 0.23 per share)

— — ( 13.2 ) — ( 13.2 ) — ( 13.2 )

Exercise of stock options — 1.7 — — 1.7 — 1.7

Impact from settlement of share-based awards, net of shares acquired — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Stock-based compensation expense — 10.3 — — 10.3 — 10.3

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.7 2.7 — 2.7

Currency translation adjustment — — — 41.7 41.7 — 41.7

BALANCE JUNE 30, 2025 57.5 $ 440.4 $ 1,384.9 $ 3.5 $ 1,886.3 $ 2.3 $ 1,888.6

See Notes to Condensed Consolidated Financial Statements.

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As a result of the April 3, 2023 separation into two independent, publicly-traded companies, Crane NXT, Co.

and Crane Company (the “Separation”), certain executives hold 3-year, cliff vesting performance-based restricted share units (“PRSUs”) that have undergone an equity-to-liability modification and are denominated in Crane NXT, Co.

The outstanding PRSUs relate to grants made prior to the Separation transaction and completed vesting in February 2026.

and Crane Company (the “Separation”), certain executives held 3-year, cliff vesting performance-based restricted share units (“PRSUs”) that underwent an equity-to-liability modification and were denominated in Crane NXT, Co.

The PRSUs related to grants made prior to the Separation transaction and completed vesting in February 2026.

During the first quarter of 2026 and 2025, 33,734 and 88,505 units vested and were settled by Crane NXT Co., respectively.

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As of December 31, 2025, the liability balance was $ 2.1 million, and included in “Other liabilities” on our Condensed Consolidated Balance Sheets.

There was no liability recorded as of March 31, 2026, as the final tranche vested during the first quarter of 2026.

Recent Accounting Pronouncements - Not Yet Adopted as of March 31, 2026

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

There was no liability recorded as of June 30, 2026, as the final tranche vested during the first quarter of 2026.

Tariff Refunds

On February 20, 2026, the U.S.

Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were not authorized by the statute.

The Company is the importer of record for certain raw materials and products that were previously subject to such tariffs under IEEPA.

On March 4, 2026, the U.S.

Court of International Trade issued an additional ruling that importers that paid tariffs under the IEEPA are due refunds and ordered U.S.

Customs and Border Protection (“CBP”) to begin the refund process for all importers who were subject to IEEPA duties.

On April 20, 2026, CBP launched Phase 1 of its process for submitting IEEPA refund claims.

As the nature, timing, and amount of any such refunds remain uncertain, the Company elected to account for such refunds under the gain contingency model.

During the three and six months ended June 30, 2026, the Company recognized $ 18.7 million of tariff refunds as a reduction to “Cost of sales” in the Condensed Consolidated Statements of Operations.

No portion of the recognized refunds was allocated to inventory, as the underlying inventory to which the refunds related had been sold prior to June 30, 2026.

In addition, the Company recognized $ 0.8 million of interest income related to tariff refunds received through June 30, 2026.

Recent Accounting Pronouncements - Not Yet Adopted as of June 30, 2026

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses (“ASU 2024-03”).

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We are currently evaluating this guidance to determine the impact on our financial statements.

The Company considered the applicability and impact of all other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows.

The Company considered the applicability and impact of all other Accounting Standards Updates issued by the FASB and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Acquisitions

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The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805.

We have not yet completed our evaluation and determination of certain assets

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

acquired and liabilities assumed.

We have not yet completed our evaluation and determination of certain assets acquired and liabilities assumed.

Any potential adjustments made could be material in relation to the preliminary values presented below:

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The amount allocated to goodwill reflects the expected synergies related to product line simplification and supply chain manufacturing productivity.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Net assets acquired ( in millions )

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Net assets acquired $ 184.4

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:

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The results of operations of Druck, Panametrics and Reuter-Stokes have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on January 1, 2026.

Druck, Panametrics and Reuter-Stokes have contributed sales of $ 97.1 million resulting in an operating loss of approximately $ 4.8 million for the period from the completion of the acquisition through March 31, 2026.

Druck, Panametrics and Reuter-Stokes have contributed sales of $ 202.1 million resulting in an operating loss of approximately $ 3.0 million for the period from the completion of the acquisition through June 30, 2026.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following unaudited pro forma information assumes that the acquisition was completed on January 1, 2025.

The unaudited pro forma results of operations are provided for illustrative purposes only and are not indicative of the Company's actual consolidated results of operations or consolidated financial position.

The unaudited pro forma information for the three months ended March 31, 2026, includes the following adjustments, where applicable, for business combination accounting effects resulting from the acquisition:

The unaudited pro forma information for the three and six months ended June 30, 2025, includes the following adjustments, where applicable, for business combination accounting effects resulting from the acquisition:

(i) amortization of the fair value step up in inventory, (ii) additional amortization expense related to finite-lived intangible assets acquired, (iii) additional interest expense related to financing for the acquisition (refer to Note 13, Financing), (iv) depreciation expense on property, plant and equipment, and (v) the related tax effects assuming that the business combination occurred on January 1, 2025.

1 unchanged sentence

The unaudited pro forma results of operations do not reflect any operating efficiencies or cost savings which resulted from the acquisition or may be realized in the future.

The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three months ended March 31, 2025 as if the Druck, Panametrics and Reuter-Stokes closed on January 1, 2025, as such Net income includes transaction and financing adjustments of $ 45.8 million.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended

The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three and six month periods ending June 30, 2025, as if the Druck, Panametrics and Reuter-Stokes closed on January 1, 2025, as such Net income includes transaction and financing adjustments of $ 20.7 million and $ 66.5 million, respectively.

Three Months Ended Six Months Ended

June 30, June 30,

(in millions, except per share data) 2025 2025

Net sales (a)

$ 666.5 $ 1,312.0

Net income (a)

$ 67.4 $ 135.6

Net income per common share – assuming dilution $ 1.15 $ 2.32

(a) Consolidated pro forma revenue and net income related to the optek-Danulat (‘Optek”) acquisition has not been presented since the pro forma impact is not material.

(a) Consolidated pro forma revenue and net income related to the optek-Danulat (‘Optek”) acquisition have not been presented since the pro forma impact is not material.

Note 3 - Discontinued Operations

Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment for approximately $ 208.0 million, on a cash-free and debt-free basis.

In connection with the divestiture, during the first quarter of 2025, the Company recognized an after-tax gain of $ 28.8 million (pre-tax gain of $ 35.7 million), subject to a net working capital adjustment and was recorded in income from discontinued operations.

During the second quarter of 2025, the Company received $ 7.8 million related to a final working capital adjustment.

In connection with the divestiture, during the second quarter of 2025, the Company recognized an after-tax gain of $ 6.1 million and $ 34.9 million (pre-tax gain of $ 7.8 million and $ 43.5 million), for the three and six months ended June 30, 2025, respectively, and were recorded in income from discontinued operations.

Note 4 - Segment Results

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Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets.

The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments.

The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

mission-critical environments.

Products and services are organized into six integrated solutions:

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Process Flow Technologies

The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability.

The Process Flow Technologies segment is a provider of highly engineered products and technologies for mission critical applications that require high reliability.

The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems.

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Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Financial information by reportable segment is set forth below.

Three Months Ended

Three Months Ended Six Months Ended

(in millions) 2026 2025 2026 2025

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Income from continuing operations before income taxes $ 128.0 $ 104.6 $ 213.1 $ 203.4

Three Months Ended

Three Months Ended Six Months Ended

(in millions) 2026 2025 2026 2025

2 unchanged sentences

Process Flow Technologies 18.8 8.2 38.6 16.2

Corporate — 0.1 — 0.1

TOTAL DEPRECIATION AND AMORTIZATION $ 27.4 $ 13.1 $ 55.5 $ 25.6

Three Months Ended

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Six Months Ended

(in millions) 2026 2025

3 unchanged sentences

TOTAL CAPITAL EXPENDITURES $ 25.3 $ 30.3

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions) March 31, 2026 December 31, 2025

(in millions) June 30, 2026 December 31, 2025

Aerospace & Advanced Technologies $ 1,350.6 $ 936.3

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(a) For the year ended December 31, 2025, Corporate Assets include $ 1,223.3 million of restricted cash.

(in millions) March 31, 2026 December 31, 2025

(in millions) June 30, 2026 December 31, 2025

Aerospace & Advanced Technologies $ 354.9 $ 248.6

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The following table presents net sales disaggregated by product line for each segment:

Three Months Ended

Three Months Ended Six Months Ended

(in millions) 2026 2025 2026 2025

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Military Aftermarket Products 34.0 31.7 63.1 54.4

Other 30.0 — 55.0 —

Total Aerospace & Advanced Technologies $ 339.1 $ 258.2 $ 657.4 $ 507.1

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The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog.

As of March 31, 2026, total backlog was $ 1,794.8 million.

As of June 30, 2026, total backlog was $ 1,887.3 million.

We expect to recognize approximately 58 % of our remaining performance obligations as revenue in 2026, an additional 33 % in 2027 and the balance thereafter.

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Net contract assets and contract liabilities consisted of the following:

(in millions) March 31, 2026 December 31, 2025

(in millions) June 30, 2026 December 31, 2025

Contract assets $ 88.4 $ 71.7

Contract liabilities $ 61.1 $ 46.0

We recognized revenue of $ 13.4 million during the three months ended March 31, 2026, related to contract liabilities as of December 31, 2025.

We recognized revenue of $ 12.1 million and $ 25.5 million during the three and six months ended June 30, 2026, related to contract liabilities as of December 31, 2025.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.

Three Months Ended

Three Months Ended Six Months Ended

(in millions, except per share data) 2026 2025 2026 2025

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Earnings per diluted share $ 1.63 $ 1.47 $ 2.78 $ 3.31

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti-dilutive was 0.1 million and 0.2 million for the three months ended March 31, 2026 and 2025, respectively.

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti-dilutive was 0.2 million and 0.1 million for the three and six months ended June 30, 2026, respectively, and 0.2 million for both the three and six months ended June 30, 2025.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 7 - Changes in Accumulated Other Comprehensive Loss

The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets.

Note 7 - Changes in Accumulated Other Comprehensive (Loss) Income

The table below provides the accumulated balances for each classification of accumulated other comprehensive (loss) income, as reflected on our Condensed Consolidated Balance Sheets.

(in millions) Defined Benefit Pension and Postretirement Items Currency Translation Adjustment Total (a)

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Amounts reclassified from accumulated other comprehensive loss 4.8 — 4.8

Net period other comprehensive income 2.4 ( 18.6 ) ( 16.2 )

Balance as of March 31, 2026 $ ( 211.4 ) $ 215.2 $ 3.8

(a) Net of tax benefit of $ 82.5 million and $ 83.3 million as of March 31, 2026 and December 31, 2025, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2026 and 2025.

Net period other comprehensive income (loss) 4.8 ( 28.1 ) ( 23.3 )

Balance as of June 30, 2026 $ ( 209.0 ) $ 205.7 $ ( 3.3 )

(a) Net of tax benefit of $ 81.6 million and $ 83.3 million as of June 30, 2026 and December 31, 2025, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2026 and 2025.

Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

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Note 8 - Defined Benefit and Postretirement Benefits

For all plans, the components of net periodic benefit for the three months ended March 31, 2026 and 2025 are as follows:

For all plans, the components of net periodic loss (benefit) for the three months ended June 30, 2026 and 2025 are as follows:

Pension Postretirement

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Net periodic loss (benefit) $ 1.3 $ 2.1 $ ( 0.1 ) $ —

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income (expense), net” in our Condensed Consolidated Statements of Operations.

For all plans, the components of net periodic loss (benefit) for the six months ended June 30, 2026 and 2025 are as follows:

Pension Postretirement

(in millions) 2026 2025 2026 2025

Service cost $ 1.6 $ 1.7 $ — $ —

Interest cost 16.3 17.2 0.1 0.1

Expected return on plan assets ( 21.9 ) ( 22.1 ) — —

Amortization of prior service cost 0.4 0.4 — —

Amortization of net loss (gain) 6.2 7.0 ( 0.2 ) ( 0.2 )

Net periodic loss (benefit) $ 2.6 $ 4.2 $ ( 0.1 ) $ ( 0.1 )

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous (expense) income, net” in our Condensed Consolidated Statements of Operations.

Service cost is recorded within “Cost of sales” and “Engineering, selling, and administrative” in our Condensed Consolidated Statements of Operations.

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Expected contributions in 2026 $ 2.0 $ 0.4

Amounts contributed during the three months ended March 31, 2026

Amounts contributed during the six months ended June 30, 2026

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Our effective tax rates are as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Effective Tax Rate 25.1 % 23.2 % 23.5 % 22.0 %

Our effective tax rate for the three months ended March 31, 2026 is higher than the prior year’s comparable period, primarily due to an increase in non-U.S.

taxes and statutorily non-deductible costs.

Our effective tax rate for the three months ended March 31, 2026 is approximately equal to the statutory U.S.

federal tax rate of 21%, and any overall net differences are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S.

Our effective tax rate for the three months and six months ended June 30, 2026 is higher than the prior year’s comparable period, primarily due to an increase in non-U.S.

taxes and lower benefit related to share-based compensation.

Our effective tax rate for the three months and six months ended June 30, 2026 is higher than the statutory U.S.

federal tax rate of 21%, primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S.

state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S.

1 unchanged sentence

subsidiaries’ income.

As of March 31, 2026 and December 31, 2025, the total amount of gross unrecognized tax benefits, excluding interest and penalties, was $ 10.9 million and $ 10.3 million, respectively.

As of June 30, 2026 and December 31, 2025, the total amount of gross unrecognized tax benefits, excluding interest and penalties, was $ 11.1 million and $ 10.3 million, respectively.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit.

As of March 31, 2026, we had three reporting units.

As of June 30, 2026, we had three reporting units.

Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment.

9 unchanged sentences

Currency translation ( 1.0 ) ( 10.4 ) ( 11.4 )

Balance as of March 31, 2026 $ 345.3 $ 1,001.1 $ 1,346.4

(a) For the period ended March 31, 2026, adjustments within the Aerospace & Advanced Technologies segment of $ 97.1 million relate to the acquisition of Druck.

Balance as of June 30, 2026 $ 354.9 $ 985.3 $ 1,340.2

(a) For the period ended June 30, 2026, adjustments within the Aerospace & Advanced Technologies segment of $ 107.3 million relate to the acquisition of Druck.

See Note 2, “Acquisitions,” in the Notes to the Condensed Consolidated Financial Statements for further information.

(b) For the period ended March 31, 2026, adjustments within the Process Flow Technologies segment of $ 573.2 million relate to the acquisitions of Panametrics, Reuter-Stokes and Optek.

(b) For the period ended June 30, 2026, adjustments within the Process Flow Technologies segment of $ 560.4 million relate to the acquisitions of Panametrics, Reuter-Stokes and Optek.

See Note 2, “Acquisitions,” in the Notes to the Condensed Consolidated Financial Statements for further information.

As of March 31, 2026, we had $ 667.3 million of net intangible assets, of which $ 22.7 million were intangibles with indefinite useful lives.

As of June 30, 2026, we had $ 652.4 million of net intangible assets, of which $ 22.6 million were intangibles with indefinite useful lives.

As of December 31, 2025, we had $ 149.5 million of net intangible assets, of which $ 22.9 million were intangibles with indefinite useful lives.

Changes to intangible assets are as follows:

(in millions) Three Months Ended March 31, 2026 Year Ended December 31, 2025

(in millions) Six Months Ended June 30, 2026 Year Ended December 31, 2025

Balance at beginning of period, net of accumulated amortization $ 149.5 $ 159.9

3 unchanged sentences

Balance at end of period, net of accumulated amortization $ 652.4 $ 149.5

(a) For the period ended March 31, 2026, additions of $ 539.2 million relate to the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek.

(a) For the period ended June 30, 2026, additions of $ 542.2 million relate to the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A summary of intangible assets are as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

( dollars in millions )

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Accrued liabilities consist of:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Generally, third party specialists assist in the estimation of remediation costs.

The environmental remediation liability as of March 31, 2026 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below.

The environmental remediation liability as of June 30, 2026 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below.

On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co.

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This report will be submitted to the EPA for approval and in combination with regulatory discussions and consultations, and is expected to provide clarity on future remedial requirements at the site and associated costs.

The total estimated gross liability was $ 12.0 million and $ 12.9 million as of March 31, 2026 and December 31, 2025, respectively, and as described below, a portion is reimbursable by the U.S.

The current portion of the total estimated liability was $ 7.8 million as of March 31, 2026 and December 31, 2025, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period.

The total estimated gross liability was $ 11.2 million and $ 12.9 million as of June 30, 2026 and December 31, 2025, respectively, and as described below, a portion is reimbursable by the U.S.

The current portion of the total estimated liability was $ 7.8 million as of June 30, 2026 and December 31, 2025, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period.

It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years.

2 unchanged sentences

Government reimburses us for 21 % of qualifying costs of investigation and remediation activities at the Goodyear Site.

As of March 31, 2026 and December 31, 2025, we recorded a receivable of $ 1.9 million and $ 2.3 million, respectively, for the expected reimbursements from the U.S.

As of June 30, 2026 and December 31, 2025, we recorded a receivable of $ 1.9 million and $ 2.3 million, respectively, for the expected reimbursements from the U.S.

Government in respect of the aggregate liability as at that date.

44 unchanged sentences

Insurers with contractual coverage obligations for this site have been notified of this potential liability and have been providing coverage, subject to reservations of rights.

LyondellBasell Chemical Leak

In July 2023, Crane Company, along with certain of its subsidiaries (“Crane”), were added as defendants in ongoing product liability/personal injury lawsuits filed by 58 victims of a 2021 chemical leak incident that occurred at a LyondellBasell facility in La Porte, Texas.

The multi-district lawsuits were consolidated for proceedings in state court in Harris County, Texas, and were pending since 2021, when the initial set of defendants were sued.

Crane was alleged to have manufactured a valve involved in the incident.

Plaintiffs also added other defendants to the suits in July 2023 who allegedly either sold or serviced the subject valve or a valve accessory, and discovery for the newly added defendants began moving forward in February 2024.

Crane had valid defenses, and insurance coverage that attached after a modest self-insured retention.

All of our insurance providers were timely notified of this potential liability and cooperated with Crane as it engaged in the litigation process.

An initial settlement agreement was reached with a portion of the claimants in September 2024, and final settlement agreements were reached with all remaining claimants in February 2025.

The entire settlement amount, except for our modest deductible obligation, was within our coverage limits and the insurance carriers have fully funded the settlements as of June 30, 2025.

There was no material loss related to this matter as it was covered by insurance.

Marion, NC Site Hurricane Damage and Recovery

1 unchanged sentence

Our insurance covered the repair or replacement of assets that suffered damage or loss and also provided for business interruption coverage, which included lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered.

The recovery related to business interruption was recognized when realized and received.

We worked with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds lagged behind the actual losses incurred.

As of December 31, 2025, the insurance claim has been settled and no additional proceeds are expected to be recovered and no additional costs are expected to be incurred.

For the three months ended March 31, 2025, we incurred expenses of $ 5.6 million primarily related to damages caused by the hurricane, which included professional fees to restore and maintain the site.

For the three and six months ended June 30, 2025, we incurred expenses of $ 0.2 million and $ 5.8 million, respectively primarily related to damages caused by the hurricane, which included professional fees to restore and maintain the site.

These costs are included in Engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On a cumulative basis, we incurred expenses of $ 29.1 million related to damages caused by the hurricane and received corresponding insurance recoveries of $ 25.0 million.

During the second quarter of 2025, we also received insurance proceeds for lost profits of $ 4.0 million, included in Miscellaneous income, net in the Condensed Consolidated Statements of Operations.

The following table summarizes the components of Loss from natural disaster, net of insurance recoveries:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(in millions) 2025 2025

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Total expenses and losses $ 0.2 $ 5.8

Insurance recoveries received $ — $ 5.0

Insurance recoveries to be received 0.2 0.8

Loss from natural disaster, net of insurance recoveries $ — $ —

Insurance recoveries receivable, net of deductible as of December 31, 2024 $ 2.8

Expenses and losses incurred during the period ended March 31, 2025 5.6

Insurance recoveries receivable, net of deductible as of March 31, 2025 (a)

(a) Included in Other current assets in the Condensed Consolidated Balance Sheets.

Insurance proceeds for lost profits $ 4.0 $ 4.0

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Other Proceedings

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If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable.

We believe that as of March 31, 2026, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.

We believe that as of June 30, 2026, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Our long-term debt consisted of the following:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

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Total long-term debt $ 1,087.1 $ 1,148.2

(a) Debt issuance costs totaled $ 1.8 million as of March 31, 2026 and as of December 31, 2025, and have been netted against the aggregate principal amount.

(a) Debt issuance costs totaled $ 1.6 million and $ 1.8 million as of June 30, 2026 and as of December 31, 2025, and have been netted against the aggregate principal amount.

On September 30, 2025, Crane Company entered into a credit agreement (the “Credit Agreement”), by and among the Company, as borrower, CR Holdings, C.V., a subsidiary of the Company, as a subsidiary borrower, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

3 unchanged sentences

On February 11, 2026, the Company borrowed $ 50 million under the Revolving Facility to fund working capital requirements and general corporate purposes.

During the second quarter of 2026, the Company repaid $ 100 million under the Revolving Facility.

In connection with the entry into the Credit Agreement, the Company’s existing credit agreement, dated as of March 17, 2023, was terminated.

12 unchanged sentences

The Credit Agreement also requires the Company to maintain, as of the last day of each fiscal quarter, (i) a consolidated total net leverage ratio of no greater than 3.75 to 1.00, although such level may, at the Company’s option, be increased by 0.25 upon the consummation of certain permitted acquisitions for certain periods and (ii) a consolidated interest coverage ratio of no greater than 3.00 to 1.00.

The Company was in compliance with all such covenants as of March 31, 2026.

The Company was in compliance with all such covenants as of June 30, 2026.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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We do not hold or issue derivative financial instruments for trading or speculative purposes.

Foreign exchange contracts not designated as hedging instruments had a notional value of $ 86.5 million and $ 21.2 million as of March 31, 2026 and December 31, 2025, respectively.

Foreign exchange contracts not designated as hedging instruments had a notional value of $ 93.7 million and $ 21.2 million as of June 30, 2026 and December 31, 2025, respectively.

Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates.

Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy.

Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $ 0.5 million and $ 1.7 million as of March 31, 2026 and December 31, 2025, respectively.

Derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and were $ 0.5 million as of March 31, 2026.

Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $ 0.7 million and $ 1.7 million as of June 30, 2026 and December 31, 2025, respectively.

Derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and were $ 1.3 million as of June 30, 2026.

The Company had no such derivative payable as of December 31, 2025.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements